USD/JPY Resumes Downward After Testing Level 103.80

Azeez Mustapha
26 January 2021 | Updated: 26 January 2021

Key Resistance Levels: 111.000, 112.000, 113.000
Key Support Levels: 104.000, 103.000, 102.000

USD/JPY Price Long-term Trend: Bearish
The pair is facing rejection at level 102.00. USD/JPY was first rejected at level 104.00 as it fell to 103.71 low. Also, the Yen was repelled at the 50-day SMA as the pair resumes downward. The selling pressure will resume as soon as price breaks below the SMAs.

USD/JPY – Daily Chart

Daily Chart Indicators Reading:
Presently, the SMAs are sloping southward indicating the downtrend move. The index is at level 48 of the Relative Strength Index period 14. It indicates that the Yen is in the downtrend zone and below the centerline 50.

USD/JPY Medium-term Trend: Bearish
On the 4-hour chart, the pair is in a downward move as it was rejected twice Level 104.00. On January 22 downtrend; a retraced candle body tested the 38.2% Fibonacci retracement level. The retracement indicates that the Yen will fall to level 2.618 Fibonacci extension level or level 102.12.

USD/JPY – 4 Hour Chart

4-hour Chart Indicators Reading
The USD/JPY pair is currently below the 40% range of the daily stochastic. It indicates that the pair is in a bearish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for USD/JPY
USD/JPY is making a downward move after testing level 103.00. The market has fallen to the low of 103.62. The selling pressure will persist if it falls and breaks below level 103.32. The Fibonacci tool has indicated a low of level 102.12.



Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!
Azeez Mustapha

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.